COAST’S ‘SUPER’ SPOT
HOSPITALITY and tourism staff on the Gold Coast wondering where their ‘super’ money is being invested have an easy answer – it’s right in their own backyard. And if they want to have a squiz at that money being put to work, they need only jump in a car – or on the light rail – and head to Helensvale.
HOSPITALITY and tourism staff on the Gold Coast wondering where their ‘super’ money is being invested have an easy answer – it’s right in their own backyard.
And if they want to have a squiz at that money being put to work, they need only jump in a car – or on the light rail – and head to Helensvale.
Hostplus, the industry superannuation fund for tens of thousands of Gold Coast workers and 1.1 million nationally, is smitten with the prospects for the city’s residential market.
The fund, a major sponsor of the Gold Coast Suns AFL team, is kicking a goal, not at Metricon Stadium but at Helensvale.
Three years ago Hostplus teamed up with the developer of the former Gold Coast Country Club site, next to Westfield Helensvale, in a 50-50 joint venture involving 620 lots.
Close to 200 lots have sold in little more than 18 months, with a Hostplus Gold Coast member or two perhaps among the buyers.
The joint venture is with Victorian-based Villawood (no relation to our homegrown Villa World) on land in the southern part of the
$40 million-plus 86ha site on which The Surrounds estate is taking shape.
The foray by Hostplus, which has $725 million invested in Queensland property, apparently is based on a view that the housing market in southeast Queensland strongly is on the recovery trail.
The super fund doesn’t have any hands-on role at The Surrounds – its interest is being overseen by ISPT, which was set up by other major super funds 24 years ago.
ISPT has evolved into a bigtime manager – it has either invested in, or manages, property worth more than $14 billion that takes in all shades of real estate.
Among its newer assignments for Hostplus is managing its joint-venture interest in the $2 billion development of part of the Moonee Valley Racecourse in Melbourne.
ISPT’s Helensvale role for Hostplus involves land Villawood bought in 2014 in the wake of its long-time owner, Paddy Buckler, dying.
It didn’t take long for Villawood, founded by engineer and land syndicator Rory Costelloe 20 years ago, to realise it was poised to kick a goal.
At the time of buying the former fairways, Villawood expected the property to yield 1200 titles. That’s not enough, it was told by the city council, which wanted higher density.
The upshot is that today Villawood has the green light for 620 housing lots and 1500 apartments. The deal with Hostplus takes in more than 60ha, land that will include a central park, playgrounds, leisure centre, gym and cafe.
Hostplus, given that it also covers the sport and recreation fields, might well pick up some new members among leisure centre staff.
Whether it teams up with Villawood in any of the apartment projects at The Surrounds remains to be seen.